Chinese cybersecurity law finds support of Alibaba

18 November 2016

Chinese largest ecommerce company Alibaba jointly with Tencent Holdings are expressing their support to the new law passed by China’s government. The law on the cybersecurity according to the reports imposes restrictions on the technology market players in the country to eliminate cyber threats at the key industries and fight terrorism.

At the World Internet Conference held in China the two giants noted that companies need to cooperate with the government for fighting cyber attacks and terroristic schemes promoted over the internet. Businesses outside China but working with the Chinese market feel discouraged because the law requires local storage of data. Inasmuch as Alibaba along with Tencent base their business mainly on local consumers they are not likely to feel upset about the new requirements.

Vice president from Alibaba made a statement that with the staff of over 3,000 employees working over security issues the company is cooperating with the governmental bodies for joint liquidation of terroristic and cyber threats.

After outrageous hack of the Central Bank of Bangladesh over the SWIFT network that resulted in 81 million US dollars theft, China lifted their cybersecurity standards. Alibaba adds that while their companies are large players in the market they have extensive resources to contribute to the countrywide cybersecurity efforts.